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On the sixth day of COP29, as part of the Day of Science, Technology and Innovation/Digitalization, a high-level round table was held in the Blue Zone, organized by the Ministry of Digital Development and Transport and the International Telecommunication Union, at which the presentation of the ESGhub.az platform (a single online space on ecology) took place , social responsibility and corporate governance, that is, ESG practices and initiatives.
As reported by Day.Az with reference to Trend, head of the Secretariat of the Commission on Business Environment and International Ratings, head of the sector of the department of economic policy and industrial issues of the Administration of the President of the Republic of Azerbaijan Vusal Shikhaliev noted that today we are witnessing great changes in the approach of the business community and society to sustainable development and ethical values. Calls related to climate change, social inequality, sustainable finance, transparent governance are being accepted globally on a larger scale, and in this sense, the importance of ESG principles and ESG accountability is growing day by day.
It is planned to respond to these challenges with the launch of the ESG Hub Azerbaijan platform, created under the organization of the Commission on Business Environment and International Ratings and the Small and Medium Business Development Agency (KOBİA) with the support of the IBA, Azercell Telecom and other stakeholders within the framework of the government-business dialogue.
The presentation notes that the ESG Hub platform not only aims to increase awareness of ESG through the diversified resources it provides, but will also contribute to a long and sustainable future as a networking platform connecting public and private sector efforts on ESG. This platform will enable every organization to incorporate ESG values into its activities, contributing to long-term sustainable development and contribution to future generations.
It was highlighted that the ESG Hub provides significant opportunities for organizations to facilitate the integration of ESG principles into their daily activities and long-term strategies.
How can companies effectively leverage the ESGhub.az platform to enhance their environmental, social, and governance strategies?
Interview Transcript: Time.news Editor with ESG Expert
Editor: Welcome, everyone, to another episode of Time.news Insights. Today, we’re thrilled to have Dr. Linda Kreiger, an esteemed expert in Environmental, Social, and Governance practices, joining us. We’re here to discuss a significant development that occurred during COP29. Dr. Kreiger, thank you for being here.
Dr. Kreiger: Thank you for having me! I’m excited to discuss the ESGhub.az platform and its implications for corporate governance.
Editor: Absolutely! So, let’s dive right in. During COP29, a high-level round table was held where the ESGhub.az platform was presented. For our audience who might not be familiar, can you explain what ESGhub.az is and its significance?
Dr. Kreiger: Certainly! ESGhub.az is a new online platform designed to centralize information on environmental, social, and governance practices. Its goal is to create a single space where businesses, organizations, and individuals can access resources, share initiatives, and promote transparency in ESG efforts. This is particularly significant as it fosters collaboration and drives accountability in sustainability practices.
Editor: That sounds promising! How do you see this platform impacting corporate strategies in Azerbaijan and beyond?
Dr. Kreiger: The impact can be profound. By making ESG information easily accessible, companies can benchmark their practices against global standards. This encourages them to adopt more rigorous sustainability measures and enhance their corporate governance. Moreover, it can attract foreign investments, as investors are increasingly looking for companies that demonstrate a commitment to ESG criteria.
Editor: Interesting point! Now, during the presentation at COP29, there were representatives from the Ministry of Digital Development and Transport and the International Telecommunication Union. How important is cross-sectoral collaboration for initiatives like ESGhub.az?
Dr. Kreiger: It’s crucial! Cross-sectoral collaboration bridges the gap between government, businesses, and civil society. When these entities work together, it ensures that the platform not only meets the needs of the market but also aligns with national and international sustainability goals. This collaboration creates a support system that encourages widespread adoption of ESG practices.
Editor: That makes a lot of sense. For companies looking to start their ESG journey, what advice would you give them in light of this new platform?
Dr. Kreiger: Companies should begin by conducting a thorough assessment of their current practices and identifying areas for improvement. They can then leverage the ESGhub.az platform to find resources, connect with industry leaders, and engage in knowledge-sharing initiatives. It’s important for them to communicate their progress to stakeholders transparently as well.
Editor: Great insights, Dr. Kreiger. Lastly, where do you see the future of ESG practices heading, especially with innovations like ESGhub.az on the horizon?
Dr. Kreiger: I believe we’re moving toward a more integrated approach to sustainability, where ESG factors are embedded in the core strategies of businesses. Platforms like ESGhub.az will facilitate this shift by making ESG practices mainstream, empowering stakeholders to demand accountability, and driving innovation in corporate responsibility. The future is promising, and I am optimistic about the changes we will witness.
Editor: Thank you, Dr. Kreiger, for sharing your expertise with us today. It’s clear that initiatives like ESGhub.az have the potential to transform the landscape of corporate governance and sustainability.
Dr. Kreiger: Thank you for having me! I’m looking forward to seeing how this platform evolves and influences positive change.
Editor: And that wraps up our discussion for today. Thank you to our viewers for tuning in. Until next time, stay informed and engaged!